GSIS allows change in retirement options

State run Government Service Insurance System (GSIS) is now allowing retired members who have yet to receive their pension benefits to change their retirement mode, options or date to meet their needs.

In a statement, GSIS president and general manager Jesus Clint Aranas said it is the state fund’s mandate to provide fair and equal social security benefits.

“Thus, we are now allowing members to reconsider their options as they approach the start of their pension or receipt of other benefits,” Aranas said.

According to Aranas, the new policy covers members who applied for retirement benefits under Republic Act 8291 and Presidential Decree 1146 provided that they have not yet been paid their pension proceeds through e-crediting or check.

He said retirees under RA 8291 may convert their pension options from an 18-month cash payment and immediate pension mode to five-year lump sum and monthly pension, or vice versa.

Similarly, Aranas said members who have filed retirement claims under PD 1146 may now opt to change their retirement option from five-year lump sum and pension at age 60 to immediate pension, and vice versa.

In addition, the GSIS said the privilege to change retirement date will be made available to members who have continued their government service without gap or break in the service starting the original retirement date indicated in their application form to the actual date the member chose to retire.

To request for a change in the retirement mode, option, or date, retirees must submit a written request to the GSIS office where their previous application was filed.

The GSIS is a social insurance institution that provides insurance and loan products to government workers.

As of November 2017, earnings of GSIS jumped 52.52 percent to P84.15 billion.